NYC-based DigitalOwl secures $12M funding from RGA. With this capital raise, the company has raised over $38 million in funding since its founding. Its integration of DigitalOwl’s technology as a fundamental element of RGA’s internal underwriting processes is in line with a global cooperation in the life and health insurance market.
DigitalOwl, led by CEO Yuval Man and CTO Amit Man, offers insurance companies a platform that will enhance the speed and effectiveness of case summary and medical document analysis.
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Its approach combines natural language processing (NLP) and artificial intelligence (AI) to automatically analyse medical papers. Based on a generative AI model created especially for insurance-based medical case analysis and independently built and trained over the previous two years, the company presented a new solution to its clients in 2023.
With this system, medical events, papers, and case summaries are generated in an unconstrained language that captures all the subtleties required for making decisions.
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The business plans on launching an insurance policy underwriting engine in 2024 that will be built on its in-house Generative AI engine. The AI models replicate the decision-making procedures used by policyholders and organisations, allowing a comprehensive report on their operations at the press of a button and complying with changing restrictions around the use of AI.
In order to train these models and create the solution, RGA will involve claims adjusters, actuaries with experience, and legal specialists in the development process.
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About DigitalOwl
The process of reviewing medical records is being revolutionised by DigitalOwl. They can swiftly and precisely analyse and extract data from medical records thanks to their patented AI-powered platform.
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By doing away with the necessity for manual review, their solution frees up your skilled personnel to work on more important tasks. By utilising DigitalOwl, you can enable your team to make better decisions by leveraging the power of data.
